Competition law amendment bill may come in the budget session of Sansad
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The government is likely to propose amendments to the Competition Act in the upcoming budget session of Parliament after considering various suggestions from a parliamentary committee. A senior officer gave this information.
The government is likely to propose amendments to the Competition Act in the upcoming budget session of Parliament after considering various suggestions from a parliamentary committee. A senior officer gave this information. In addition, discussions are on for amendments to the Companies Act, 2013 along with the Insolvency and Bankruptcy Code (IBC). The official also said that the Ministry of Corporate Affairs is reviewing the suggestions of a parliamentary committee to frame a new digital competition law.
The ministry is implementing the Competition Act, IBC and Companies Act and amendments to these laws are expected this year. A bill to amend the Competition Act was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The committee submitted its report on December 13 last year and the ministry will now come out with an amendment bill keeping in view the various recommendations of the committee.
The bill to amend the competition law is expected to come up in the budget session of Parliament, the official said. The proposals of the Bill, introduced in August last year, include the introduction of a ‘settlement and commitment framework to reduce litigation’ and incentives in the form of lower fines for disclosure of other tie-ups by concerned parties in the ongoing cartelisation probe. The budget session of Parliament will begin on January 31 with the address of President Draupadi Murmu.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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